Turkish Petroleum Corporation

Turkish Petroleum Corporation - Business Description

4 mai 2009

Global Markets Direct Company Profiles

Anglais

(c)2009, Global Markets Direct.

Overview

Turkish Petroleum Corporation Business Description

TPAO is engaged in hydrocarbon exploration, drilling, production, refinery and marketing business as Turkey's solitary national company. The company offers natural gas storage, and participates in oil and natural gas pipeline projects. It is also engaged in oil trade and transportation of hydrocarbon products.

Currently, the company’s wholly owned subsidiaries are Turkish Petroleum International Company Ltd. (TPIC), Turkish Petroleum Overseas Company Ltd. (TPOC), Turkish Petroleum Btc Ltd. (TPBTC), Turkish Petroleum Scp Ltd. (TPSCP) and Kazakturkmunai (KTM) Ltd. Joint company (Kazakturkmunay).

The company operates through domestic exploration and international exploration activities.

Domestic exploration consists of domestic production, drilling, joint exploration, production, and exploration of offshore fields in Turkiye. The company conducts exploration and drilling activities to determine hydrocarbon potential of new fields such as Pervari (Siirt), Silopi, Erzurum, Bafra, Ayvalik and Yuvakoy (Burdur-Isparta).

During the year 2007, the company drilled 74 wells. The oil discoveries were realized and exploration wells Gokce 1 and Gogeli 1 were drilled in Adiyaman-Gaziantep. Natural gas discoveries in Fidanlik-1 exploration well drilled in Thrace region and Yolacan-C1 well drilled in Siirt were realized. Akcakoca-4, Guluc-1, Alapli-1 and B.Eskikale-1 wells drilled by TPAO-Toreador-Stratic joint venture were completed as gas wells in the year 2007.

In the year 2007, the company produced 10,297,955 barrels of crude oil from its fields. The total production wells of the company were 823 in 2007. In 2007, the company’s total domestic and international oil production reached over 70.000 bpd.

In 2007, TPAO‘s cumulative natural gas production was 421,464,200 sm3. The cumulative hydrocarbon production was realized as 12,777,156 barrels at the end of the year.

The company started many new ventures in the Middle East, Syria, Iran, Iraq, Turkmenistan, North Africa and other countries during the year. Under Onshore, the company operates four joint venture agreements.

In 2006, the company jointly with Toreador produced around 410 thousand barrels of crude oil at the Cendere field (Adiyaman) in South Eastern Anatolia Region.

The company under its joint venture agreement with Perenco to produces oil from Kastel, Karaali and Yalankoz fields in South Eastern Anatolia Region. Further, the company transferred 50% interest in some specific area to Perenco.

The company also operates Western Black Sea Exploration, Production and Development project under partner ship with Toreador and Stratic. In addition the company operates four projects namely Bati Raman field enhanced oil recovery project, Raman field production enhancement project, Bati Kozluca field water alternating gas (wag) project and Garzan field water injection project.

The company conducts its international activities mainly in Caspian Region, North Africa and Middle East. It also carries out its exploration and production activities in Azerbaijan, Kazakhstan and Libya.

In Azerbaijan, the company is engaged in three exploration, development and production projects. These are; Azeri-Chirag-Guneshli (ACG, 6,75%), Shah Deniz (9%) and Alov (10%) projects. In addition, the company has a share of 6,53 % in the BTC Co. and owns 9% share in South Caucasus Natural Gas Pipeline Project, which would transport Shah Deniz gas to Turkey-Georgia border.

In Kazakhstan, the company conducts its activities under a Joint Venture KazakhTurkMunai (KTM) Ltd. in which the company holds a 49% share and KazMunaiGas owns 51%. This joint company owns one concession in Aktau Region and two in Aktubinsk Region. Further, in Libya, the company carries out activities in block NC188, block NC189, 147/3 and 147/4.